Section 487.1513 - Lien on or security interest in property of licensee.
MICHIGAN BIDCO ACT (EXCERPT)
Act 89 of 1986
487.1513 Lien on or security interest in property of licensee.
Sec. 513.
Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person.
History: 1986, Act 89, Imd. Eff. May 1, 1986